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Gold miner Ramelius Resources has lifted its stake in explorer Explaurum and its advanced FS-level Tampia Gold Project in Western Australia to 90.31% and is moving to compulsory acquisition.Currently the 1-for-4 share-swap offer closes Feb 22, 2019.

Australian gold producer Ramelius Resources has confirmed it will advance an unsecured and interest-free loan to Explaurum after the explorer’s directors dropped their opposition to its improved offer.The Explaurum board recommended shareholders accept the Ramelius bid following the addition of a 2c cash sweetener to its original $A60M 1-for-4 share-swap offer.

An updated FS on take-over target Explaurum’s Tampia Gold Project in Western Australia has lifted its value, cut costs and initial capex, while lifting grade and average annual gold production to 103,157oz from 93,241oz on a lower LoM output of 481,398oz from 489,517oz.The new FS on the project, 240km E of Perth, includes the addition of the inferred 20,000oz Mace supergene deposit, reworked mine design and scheduling for a pre-tax NPV up to $A156M from the May 2018 FS’ $125M and pre-tax IRR to 70% from 47%.

Bidder Ramelius Resources has added a cash sweetener to its all-scrip offer in a “best and final” pitch to get its original $A60M offer for West Australian explorer/developer Explaurum over the line.Ramelius says the $0.02 cash on top of its 1-for-4 shares offer, lifting its value to $0.134cps, 57.6% above Explaurum’s last closing price, should meet the “fair and reasonable” level set by independent expert BDO Corporate Finance.

The independent takeover advisers to Western Australia explorer Explaurum say the hostile $A60M, conditional, 1:4 scrip takeover offer from gold miner Ramelius Resources is not fair and reasonable with the target again urging shareholders to take no action.The BDO Corporate Finance report values Explaurum shares at between 10.4cps-14.3cps as opposed to Ramelius’ offer valued at 9.5cps-12.5cps.

Gold miner Ramelius Resources has dropped its 5cps cash increased hostile, non-binding and incomplete takeover bid for fellow Western Australian explorer Explaurum, sticking with its original $A60M conditional 1:4 scrip offer due to close Dec 21, 2018.

Gold miner Alkane Resources is buying a 12.2% stake in fellow Western Australian explorer Explaurum for $A8M, along with a 53.4M options package taking the deal to a potential $15.3M.The initial 66.66M share placement at 12cps and subject to Explaurum shareholder approval, represents a 9.1% premium to the last traded Explaurum price on Oct 25, a 3.4% premium to the 30-day VWAP price and a 10.3% premium to the implied value of the current Ramelius Resources’ off-market takeover offer of 10.9cps.